As signs of a social security crisis manifest, pension reforms begin to be considered in the Philippines. The paper provides the recent economic, demographic, and labor trends and explains extensively the present comprehensive but fragmented social security program. While caution is being advised on possible negative impacts to the disadvantaged of
pension reforms, the paper boldly recommends increasing the contribution rate and the merger of the country's two major institutions. It also advocates the adoption of a social protection model of four layers and the creation of a national provident fund.